government
California voters will consider a measure in November to raise taxes on billionaires
By SOPHIE AUSTIN, Associated Press at Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar)
· June 26, 2026
· 1 min read
SACRAMENTO, Calif. (AP) — California voters will consider a controversial proposal in November to temporarily raise taxes on billionaires after the labor union backing the measure announced Thursday it would forge ahead despite pressure from critics to withdraw it. The proposal, backed by the Ser...
Key takeaway The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time [...
Why this matters in The Odessa
The decision by California voters to consider a tax increase on billionaires may seem distant from Odessa , but its outcome could have implications for the Permian Basin area. If the measure passes, it may encourage other states to explore similar tax increases, potentially affecting the oil and gas industry that dominates the local economy. Billionaires with interests in the energy sector could see their tax burdens rise, which might lead to changes in investment strategies or operational costs. As a result, Odessa residents may want to monitor the developments in California, as the ripple effects of such a policy could eventually be felt in the local business community and impact the region's economic growth. The potential consequences of this tax increase make it worth watching for those invested in the Permian Basin's economic future.
About this story
Original reporting by Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar) . The Odessa surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar) . Have a tip or correction? Contact our newsroom .
Category: government ·
Published: June 26, 2026 ·
Source: Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar) ·
Reading time: 1 min
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Frequently asked about this story
What is this story about? SACRAMENTO, Calif. (AP) — California voters will consider a controversial proposal in November to temporarily raise taxes on billionaires after the labor union backing the measure announced Thursday it would forge ahead despite pressure from critics to withdraw it. The proposal, backed by the Ser...
When was this published? This article was first published on June 26, 2026 by Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar) and curated for The Odessa readers.
Who reported this story? This story was reported by SOPHIE AUSTIN, Associated Press at Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar). To learn more about how The Odessa selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more government coverage from The Odessa, or browse our daily briefing and topic hubs .
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